JAKARTA - The dynamics of fluctuating interest rates and exchange rates encourage banks to innovate in strengthening multicurrency savings products. This also has an impact on the upward trend of foreign exchange rates in banks.

LPPI Banking Observer, Trioksa Siahaan, said that the increase in the DPK was partly due to the hampered expansion of the corporate sector so that they put their money in banks but in the form of deposits or expensive funds. In addition, the increase in deposit interest rates that attract more funds from the community is also the cause of the increase in DPK and foreign exchange transactions.

"So what the bank needs to do is how to divert expensive DPK funds to low-cost DPK to make it more efficient to manage this DPK. One of them is with the right technology adoption, for example the ease of opening accounts, transfers and other banking activities in the form of mobile banking," he told reporters in Jakarta, quoted Wednesday, November 13.

In line with Trioksa, Banking Observer and Payment System Practitioner Arianto Muditomo said innovation and digitization play an important role in strengthening bank competitiveness through increased operational efficiency and service quality of customers, which will not only increase customer satisfaction but also strengthen long-term stability and growth.

"Thus, innovation and digitalization are the keys for the banking industry to manage the increase in DPK and foreign exchange transactions effectively, while maintaining stability and sustainable growth," he explained.

Bank Indonesia (BI) noted that the banking exchange rate grew by 19.7 percent yoy in May 2024, with the total deposit value reaching Rp1,341.1 trillion. This percentage jumped high compared to April which grew 12.9 percent yoy with a deposit value of Rp1,291.4 trillion.

The report regarding the DPK Valas also recorded positive growth in the savings portion of 4.6 percent yoy as of May 2024, which previously only corrected 3.7 percent yoy in April. Meanwhile, as of August 2024, LPS noted that foreign exchange in banks grew 14.4 percent on an annual basis to Rp1,357.22 trillion.

Not surprisingly, banks are competing to provide multicurrency services with competitive exchange rates. One of them is by updating remittance services digitally so that people can manage foreign exchange more effectively without having to be affected by exchange rate fluctuations.

Departing from this, PT Bank Danamon Indonesia Tbk (Danamon) has its own strategy to achieve customer loyalty in multicurrency services. In addition to having multicurrency Savings products, namely Danamon More PRO and digital service transformation, Danamon is also developing the Danamon Berkat Beruntun (DHB) program to appreciate customers who transact foreign exchanges at D-Bank PRO, Danamon's mobile banking.

Ivan Jaya, Consumer Funding & Wealth Business Head of PT Bank Danamon Indonesia Tbk said that by transacting foreign currency in D-Bank PRO at least equivalent to IDR 1.5 million, customers can get additional lottery numbers to participate in the Danamon Berkas Beruntun (DHB) program and increase opportunities to win.

In the Danamon Berkage Beruntun (DHB) program this time, there are many ways that customers can do to win prizes for the region and grand prizes. By increasing the average monthly savings balance by Rp. 500 million, customers can get monthly Cashback of up to Rp. 15 million. Customers can also win prizes for lottery for region and grand prizes. To get the main draw number, customers can add savings balances worth Rp. 5 million, "explained Ivan.


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